The Archdiocese of Chicago established a pension retirement plan for all full-time Lay employees effective January 1, 1967. The Pension Plan was frozen on June 30, 2007. Benefits accrued through the date of the freeze are payable to employees who have met the vesting requirements. Benefits are payable after retirement or other termination of employment, as early as age 55 on a reduced basis, with the full benefit payable at age 65.

The benefit accrual was based on calendar year earnings during benefit eligible employment. For all members, effective January 1, 2006, the annual cost-of-living adjustment was limited to 1.5% for all future years.

After attaining age 55 and completing five years of continuous service, you are eligible to start your pension. If you wait until the age of 65, you will receive your full benefit. However, if you choose to retire early, your benefit amount is reduced. To determine the percent of reduction in your benefit, select the age in the dropdown menu to the right that you wish to retire.

Percent of Full Benefit

Age 65

100%

Age 64

92.1%

Age 63

85.1%

Age 62

78.8%

Age 61

73.2%

Age 60

68.1%

Age 59

63.6%

Age 58

59.4%

Age 57

55.7%

Age 56

52.2%

Age 55

49.1%

Pension Vesting

The Archdiocese of Chicago pension plan uses Cliff vesting. Cliff vesting is a type of retirement plan vesting in which you must work and accrue a number of years of service before you are 100% vested.If you do not work the full amount of time or years, you are not vested in the pension plan. Vesting for the pension plan is currently 5 Years of service, please see historical schedule below:

Jan. 1 1967 - Aug. 31 1974 - 15 years of service

Sept. 1 1974 - Dec. 31 1988 - 10 years of service

Jan. 1 1989 - 5 years of service

Pension Forms and Other Information

Title

Size

When to start receiving benefits flyer - Social Security Administration